UPDATE: The Benchmark Company Reiterates Buy Rating, Lowers PT on Perion Network Ltd. on Attractive Risk/Reward Profile

In a report published Thursday, The Benchmark Company analyst Daniel L. Kurnos reiterated a Buy rating on

, but lowered the price target from $10.00 to $8.00. In the report, The Benchmark Company noted, “Shares of Perion (PERI-Buy, PT from $10 to $8) continue to plunge as investors pile in on the affiliate search short thesis. Given the recent confusion in the sector, we feel it is important to clarify two major points: 1) To our knowledge, no SEM arbitrage policies have officially been changed to date; 2) Perion has little to no exposure to Google beyond Chrome. Although we believe 2015 consensus is well above what we think are reasonable expectations given the current market environment, Perion only trades at 4x our 2015E EPS and 3x our EBITDA, with our forecast 20-35% below the street. As such, and given the possibility of modest upside in 4Q14, we think shares offer a reasonably attractive risk/reward profile.” Perion Network Ltd. closed on Wednesday at $3.24.